Why Is Ethereum Classic (ETC) Shooting Higher Today?

Ethereum Classic ETC/USD rose 6.78% over 24 hours to $56.14 on Wednesday night.

What’s Moving? The decentralized open-source network, which maintains the original history of the Ethereum network post a 2015 fork, has risen 4.62% over the last seven days.

ETC fell 0.91% against Ethereum ETH/USD, which is the second-largest cryptocurrency by market cap.  ETC gained 5.8% against the apex cryptocurrency Bitcoin BTC/USD.

Since the year began, ETC has soared 894.93% touching an all-time high of $176.16 in May.

See Also: Ethereum Vs Ethereum Classic 

Why Is It Moving? ETC moved in tandem with Ethereum, which was hovering near its all-time high at press time.

ETH rose 9.2% to $4,207.50 over 24 hours and has spiked 15.42% over the last seven days.

Both ETH and ETC were trending on Stocktwits at press time. ETH was also trending on Twitter where it was the second-most mentioned coin, as per Cointrendz data.

ETH was mentioned in 6,091 tweets, while the most-mentioned cryptocurrency, BTC, was mentioned in 16,560 tweets. Additionally, ETH was also seen trending on Coingecko.

ETC is often viewed as a cheaper Ethereum play and has risen this year alongside the more highly-priced cryptocurrency.

Last month, the project shared an update on CryptoPunks-like ETCPunks, the first-ever non fungible tokens on the network.

And they say no #NFTs on $ETC.... there is no better platform to manage high value contracts than on a trust-minimized PoW #blockchai, one that runs without the possibility of third party interference by trusted third parties...... oh and check out https://t.co/N6ob2LmXSP https://t.co/pBq62pmH1Y

— Ethereum Classic (@eth_classic) October 16, 2021

At press time, 7,702 out of the 10,000 ETCPunks remain available for sale in the collection. Each ETCPunk costs 2 ETC to mint and they are available to purchase on a random basis.

Read Next: Ethereum Reaches For All-Time Highs Following In Bitcoin's Footsteps, Dogecoin Wags Tail At Crypto Frenzy

Photo: Courtesy of Wikimedia